FINANCIAL AID AWARD LETTER
You have been directed to this page based on information provided to you with your Award Letter, or you have been directed by a member of the Financial Aid Office staff to this page. Please carefully review the information listed below to ensure that the Federal Student Aid you wish to receive is processed in a timely manner. Please read your award letter carefully and contact our office by any one of the means listed at the bottom of this page if there is anything you do not understand or need to have clarified.
Based upon your meeting the appropriate program eligibility requirements, your Financial Aid Award Letter lists the financial aid (grants, loans, veterans benefits, work-study, scholarships, outside assistance you have already informed us of, etc.) you have been awarded for attendance at the School of Mines. If on your FAFSA you requested to be considered for a student loan and/or work-study, your award letter may include assistance from one or both of these programs.
If you are receiving a source of educational funding that is not listed on the award letter, please inform us by writing the type and amount of assistance on the back of your award letter or by any of the means listed at the bottom of this page. Examples of additional funding that must be reported include, but are not limited to, State and Federal Vocational Rehabilitation, Veteran’s Benefits, Tribal grants, all Non-SDSM&T scholarships, stipends, and grants, etc. If you learn about additional funding after you have returned your award letter, you are required to notify the Financial Aid Office by e-mail or in writing as soon as possible.
To finalize your award, please complete the following:
STEP 1: Circle "A" for Accept or "R" for Reject for each aid program listed.
STEP 2: If you are accepting a lesser amount than listed (such as for loans and work-study), please write in and initial the change, place a check mark on the line in front of the sentence that begins "I only want part of the aid offered" and include a brief explanation on the back of the award letter.
STEP 3: If you have been awarded the Academic Competiveness Grant (ACG) for students in their first or second year of undergraduate studies or National Science and Mathematics Access to Retain Talent Grant (SMART) for students in specific majors in their 3rd and 4th year of undergraduate studies, it is because we have verified and you have met the eligibility requirements. These grants are available only to U.S. citizens who are Pell Grant recipients, will be enrolled full time and maintain at least a 3.00 Cumulative GPA. You are advised to click here to review the U.S. Department of Education eligibility requirements. You should also click here for further information on the School of Mines eligibility requirements for both programs.
STEP 4: Please indicate the number of credit hours you plan to enroll. If you plan to be enrolled for a different enrollment status each semester, please check the apppropriate number of credit hours and write in above it which semester the status applies to.
STEP 5: If you have been awarded a Stafford and/or Parent PLUS loan and you wish to accept one or both of these types of student loans and the lender is not pre-printed on the award letter, you will need to write in the name, address and lender code of the lender you wish to borrow your loan funds from. We highly recommend that students and parents use their home town bank or credit union for their student loan needs; therefore, you will need to contact them to see if they participate in the Stafford and Parent PLUS loan programs. If they do, then write in their name, address and lender code number on the award letter.
However, if your bank or credit union does not participate in the Federal Family Education Loan Programs (Stafford and Parent PLUS), we suggest you click here to go to the Federal Student Loan web page, scroll to the bottom of the page and review the information regarding open door lenders that do not require you to have an account relationship with them and any special benefits they offer to borrowers.
STEP 6: By indicating your acceptance of the aid listed on your award letter and signing it, you are acknowledging that you understand and accept the Policies Governing the Awarding of Federal Student Aid and the information contained on our Financial Aid home page relative to the type of aid you have been awarded.
STEP 7: Submit your signed award letter (even if you are rejecting all aid listed) to the School of Mines Financial Aid Office at the address listed at the bottom of the award letter within 3 weeks of the date on your award letter, with any requested changes or corrections. If corrections are necessary, whether initiated by our office or by information you provide, and there is a change to your Federal Student Aid eligibility, we will mail a Revised Award Letter to you which will indicate the reason for the revision.
Applying for a Federal Stafford Loan
If a loan is listed on your award letter and you want to accept all or part of it, the loan processing steps are as follows:
STEP 1: Accept the Stafford Loan amount that is listed on your award letter.
STEP 2: Or, if you want to borrow less than the amount of your loan eligibility, write in and initial the change, place a check mark on the line in front of the sentence that begins "I only want part of the aid offered" and include a brief explanation on the back of the award letter. You are under no obligation to borrow as much as is listed on your award letter; in fact, you are encouraged to borrow less based on your future career and earning potential.
STEP 3: If you are in the final year of your undergraduate studies at the School of Mines and will be graduating in December, we are required by Federal Regulation to pro-rate your final semester of Stafford Loan eligibility based on the number of credit hours you will enroll. If this applies to you, please note clearly on the award letter that you will be graduating in December and indicate the number of credit hours you will enroll for the fall semester.
STEP 4: If you are borrowing a Stafford loan from a lender that uses the Education Assistance Corporation (EAC) as the guaranty agency for their Stafford Loans (you can contact them or our office and we can tell you if they do or not), we will electronically submit the school’s information to them. You will also need to click here and review the information about completing an on-line Master Promissory Note for a Stafford Loan (this information is also mentioned in step #5 below). Otherwise, if your lender does not use EAC, contact our office about submitting a paper certification of your loan eligibility to your lender of choice.
STEP 5: All first time Stafford Loan borrowers must complete on-line Entrance Loan Counseling. After fulfilling this requirement, an e-mail confirmation will be sent to the Financial Aid Office.
STEP 6: First time Stafford borrowers at the School of Mines can electronically sign the Stafford Loan Master Promissory Note (MPN). This requires using your FAFSA PIN to electronically sign the MPN.
The lender will process the application and electronically transfer the loan funds to the university. For lenders not using EAC as their guaranty agency and those we do not have an Electronic Funds Transfer (EFT) relationship with, a paper loan check will come to our office for disbursement.
Applying for a Perkins Loan
If a Perkins Loan is listed on your award letter and you want to accept all or part of it, the loan processing steps are as follows:
STEP 1: Accept the Perkins Loan amount that is listed on your award letter.
STEP 2: Or, if you want to borrow less than the amount of your loan eligibility, write in and initial the change, place a check mark on the line in front of the sentence that begins "I only want part of the aid offered" and include a brief explanation on the back of the award letter. You are under no obligation to borrow as much as is listed on your award letter; in fact, you are encouraged to borrow less based on your future career and earning potential.
STEP 3: All first time Perkins Loan borrowers at the School of Mines must complete on-line Entrance Loan Counseling. After fulfilling this requirement, an e-mail confirmation will be sent to the Financial Aid Office.
STEP 4: Each year students must complete the Federal Perkins Loan Personal Information and the Federal Perkins Loan Statement of Rights and Responsibilities forms. You can click here for the link to each of these forms on our web site. Print off the forms, read them over carefully, complete, sign, date and submit both forms to our office along with your award letter. Be advised that completing these forms is not the same as completing and signing your Perkins Promissory Note. That is part of Step 5 below.
STEP 5: After you have completed and returned to our office the Federal Perkins Loan Personal Information and the Federal Perkins Loan Statement of Rights and Responsibilities forms, you will receive an e-mail message at the address you provided on the Federal Perkins Loan Personal Information form to go to the University Accounting Services web site in order to finalize your Perkins Master Promissory Note. You will use your U.S. Department of Education PIN that you used to sign your FAFSA as your electronic signature on the Perkins MPN. At http://uaservice.com/BorrowerFAQ.html you will need to click on the link to Sign a Promissory Note and follow the instructions provided. No funds will be advanced until you have completed all required processing. Please contact our Perkins Loan Department at 605-394-1209 if you have any questions regarding this process or you can visit their office in the lower level of the O’Harra Administration Building.
STEP 6: Payment for Summer Enrollment – If you have been awarded a Perkins Loan for summer enrollment as a continuation of your current year fall/spring awarding (for example, funding for summer 2010 being paid out of the 2009-2010 school year), and provided you have processed the necessary paperwork with the Perkins Loan Department, your loan funds will be applied to your account at the beginning of your first summer session of attendance prior to June 30th. If your Perkins Loan award for summer enrollment is being disbursed from the upcoming academic year (for example, funding for summer 2010 being paid out of the 2010-2011 school year), funds will not be disbursed until on or after July 1st.
Finalizing Your Federal Work-Study Award
If work-study is listed on your award letter and you want to accept all or part of it, the work-study processing steps are as follows:
STEP 1: Accept the amount that is listed on your award letter.
STEP 2: Or, if you want to request a lesser amount, write in and initial the change, place a check mark on the line in front of the sentence that begins "I only want part of the aid offered" and include a brief explanation on the back of the award letter.
STEP 3: Whether this is your first time with a Federal Work-Study assignment at the School of Mines or it is your forth, each year all Work-Study students must attend one of the informational sessions offered through the Financial Aid Office. Depending upon which semester you begin a Work-Study assignment, you must attend an information session to go over in more detail your FWS responsibilities and available on and off-campus positions. The dates, time and locations are as follows:
FALL 2008
In the Classroom Building, Room 204E on Tuesday, September 2 at 10:00AM for incoming freshman or those new to the Federal Work-Study program and at 2:00PM for students who have already been employed at the School of Mines under the Federal Work-Study program.
SPRING 2009
In the O'Harra Administration Building, Admissions Conference Room, Room 201D (enter through Admissions Office and down to the end of the hallway) on Wednesday, January 14 at 10:00AM for incoming freshman or those new to the Federal Work-Study program and at 2:00PM for students who have already been employed at the School of Mines under the Federal Work-Study program.
STEP 4: You must bring to the meeting a photo ID (driver's license or Mines ID card) and your Social Security Card.
STEP 5: You will be required to complete paperwork relative to your Work-Study position that must be completed BEFORE you are allowed to begin working.
STEP 6: You will be provided information on positions that are available both on and off-campus.
If your award letter did not list a Federal Work-Study award, you are encouraged to contact our office to see if you would be eligible to be placed on a waiting list.
Applying for a Parent PLUS Loan
If a loan is listed on your award letter and the parent who will borrow the loan wants to accept all or part of it, the loan processing steps are as follows (if a Parent PLUS loan is not listed on your award letter and one of your parents wants to borrow a Parent PLUS loan on your behalf, then skip steps 1 and 2 and complete steps 3 and 4 only):
STEP 1: Accept the Parent PLUS Loan amount that is listed on your award letter.
STEP 2: Or, if the parent borrower wants to borrow less than the amount of the loan eligibility, write in and initial the change, place a check mark on the line in front of the sentence that begins "I only want part of the aid offered" and include a brief explanation on the back of the award letter. The parent borrower is under no obligation to borrow as much as is listed on the award letter; in fact, they are encouraged to borrow only what is absolutely necessary
STEP 3: If one of your parents is borrowing a Parent PLUS Loan on your behalf from a lender that uses the Education Assistance Corporation (EAC) as the guaranty agency for their Parent PLUS Loans, we will electronically submit the school’s information to them. However, the parent borrower must complete the Federal Parent PLUS Loan Form.
You can click here for the link to this form on our web site. Print off the form, read it over carefully, complete, sign, date and submit along with your award letter.
STEP 4: First time Parent PLUS loan borrowers can electronically sign the Parent PLUS Loan Master Promissory Note (MPN). This requires that the parent borrower use their FAFSA PIN to electronically sign the MPN.
The lender will process the application and electronically transfer the loan funds to the university.
If the parent borrower will not be using an EAC lender, please contact our office about the paper Parent PLUS Loan application process and the steps we will take to submit a paper certification of the school's information for the Parent PLUS loan eligibility to your lender of choice. In the paper application process, the lender will disburse loan funds to our office via a paper check.
Financial Aid Disbursement
With the exception of Federal Work-Study, which is paid monthly, and some scholarships, which are paid according to the wishes of the donor, financial aid is either credited to your account or disbursed by check at the beginning of each semester, or after aid eligibility is determined, whichever is later. To the maximum extent possible, the Stafford and Parent PLUS loan programs will be processed electronically and disbursed via Electronic Funds Transfer (EFT) to your account at SDSM&T.
If your financial aid exceeds your institutional costs, you will either receive a cash disbursement at fee payment, or a refund check will be available in the Student Accounts Office after the final add/drop date each semester, or what we refer to as the census date, which is at the end of the first 10% of a semester, or approximately the first 10 days. However, you must have with you a photo ID to pick up any refund or overage check. In addition, financial aid will not be released to you before a semester begins. In the event that there are delays in disbursing your aid, you should always have available enough money to meet immediate expenses you might incur at the beginning of each semester, such as the purchase of books and supplies.
Prior to disbursement of any type of financial aid awarded for attendance at the School of Mines, it will be determined if you are degree seeking at the School of Mines, meet the appropriate enrollment status for disbursement (for example, at least half time for student loans and generally full time for scholarships and fellowships), completed Entrance Loan Counseling for student loans and that you are maintaining Satisfactory Academic Progress toward the completion of your degree at the School of Mines. If you meet the disbursement requirements, your financial aid will be released to be applied to your account.
Although you may receive a disbursement of your Federal Pell Grant Program during fee payment, your final payment will be based on your enrollment as of the final add/drop date each semester or what we refer to as the census date, which is at the end of the first 10%, or approximately the first 10 days, of each semester. If your census date enrollment is for fewer credits than you were enrolled when the initial payment was processed, your Pell Grant award will be reduced accordingly. As a result, this action may result in you owing money back to the school. If that occurs, you will need to make immediate repayment arrangements with the Student Accounts Office. However, if your census date enrollment is for more credit hours than your payment was initially based on, then the additional funds will be applied to your account and if the change results in a credit balance, a refund or overage check will be available to you in the Student Accounts Office.
Students (or parent PLUS borrowers) who wish to cancel the EFT (electronic funds transfer) process must request this change in writing. A form is available through our office. Students who wish to have a paper loan check returned to the lender for cancellation may bring a brief letter of explanation to the Financial Aid Office. We will then arrange to have the check returned to the lender.
Loan funds that arrive after the semester ends and you are no longer enrolled at the School of Mines cannot be released until it is detemined if you meet the requirements for a late disbursement. We will also determine if you continued to meet the Satisfactory Academic Progress requirements. This same rule applies to other forms of financial aid that are paid retroactively during the award year.
All institutional charges are due each semester by the final day of fee payment. If not paid when due, a late charge may be applied or your registration may be canceled. Even if you expect to receive financial aid at a later date, you are responsible to pay all University charges when due. If the processing of your financial aid is such that the funds will not be available during fee payment, you can request a deferment until your funds arrive. However, a deferment will be approved during and after fee payment only if you have a copy of your signed award letter that you can present to the Student Accounts Office. Otherwise, payment in full is required or you can apply to participate in the monthly payment program through the Student Accounts Office.
For more information contact...
Financial Aid Office
SDSM&T
501 E Saint Joseph St
Rapid City, SD 57701-3995
Work Phone 605-394-2274
FAX 605-394-1979
Toll Free 877-877-6044
FinancialAid@sdsmt.edu
Contact: SDSM&T Financial Aid
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Last Modified: 08/07/2008 |
